Payment Processing Solutions Market Size and Trends

The global payment processing solutions market value for payment processing solutions is estimated at US$ 70.37 billion by 2023. It is expected to grow at a compound annual growth rate (CAGR) of 12.1% from 2023 to 2030.

Global Payment Processing Solutions Market Trends:

Growth in real-time payments: The growth of real-time payments is having a significant impact on the global payment processing solutions market. With real-time payments, transactions are processed and settled immediately rather than taking 1-3 business days as in traditional electronic funds transfer systems. This allows individuals and businesses to transfer money in real-time with immediate availability to the recipient. This real-time capability is proving very appealing to customers and triggering significant changes in customer behavior and expectations.

Increasing adoption of mobile wallets: The increasing adoption of mobile wallets by consumers globally is significantly influencing the payment processing solutions market. As more people opt to make payments using their smartphones via digital wallets like Apple Pay, Google Pay and Samsung Pay, the demand for supporting payment processing infrastructure is witnessing strong growth.

Popularity of value-added services: The popularity of value-added services is significantly influencing the global payment processing solutions market. With the evolution of technology and rising consumer demand, payment providers are exploring new ways to offer enhanced consumer experiences beyond traditional payment processing. They are bundling value-added services into their offerings to drive more revenue streams and create stickier customer relationships.